End the year with your taxes in order
The end of 2017 is fast approaching and while we look to say goodbye to the old year and welcome the New Year, there’s that one little niggling thing that will always bring us back to the past: taxes.
So before you belt out your best rendition of Auld Lang Syne, here are some tips from your friends at H&R Block to make sure 2017 doesn’t creep back in to your 2018. And because we’re just that good, here are some holiday gifts that will make anyone’s end of year tax prep that much easier.
Hello calendar, my old friend
Agendas are so in right now, and it has never been more fashionable to carry around one that reflects your interests and personality while staying organized. With a new agenda in tow, add in all relevant tax-related dates now so they don’t sneak up on you. For example, February 26: this is the day the Canada Revenue Agency (CRA) will open. April 30, 2018 and June 15, 2018 are also key dates – they’re the deadlines for filing 2017 personal tax returns (the latter is if you’re self-employed).
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Organization is in style
Slips, receipts and documents, oh my! You’ve already been collecting bills, tuition receipts, transit passes, charitable contribution receipts and health expenses this year, but where do you keep them? It literally pays (in the form of a tax refund!) to be organized, so make sure to keep all receipts in an easy-to-find space, with tabs to separate by category and make your filing that much easier.
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Let’s talk about tax, baby
Taxes aren’t everyone’s cup of tea. And every year, thousands of Canadians leave money on the table. To make sure you claim all the tax credits you qualify for, find out how things like your medical condition or living circumstances can affect your tax situation. For example, you can claim benefits for taking care of a loved one who is suffering from an illness or has a disability. Also, major life event such as buying a home, get married or having a child are all things that may make you eligible for additional benefits.
Overall, it’s great to ask questions now and head in to 2018 with a better idea of what your tax situation might be.
Still have questions? A tax expert at H&R Block can answer any tax questions you may have. Find an office near you.